Monero’s Recovery Sees Rejection at $0.40; Technicals Giving Mixed Signs

  • XMR coin has just found a support level at $26.06
  • Yesterday’s extremely bearish sentiment seems to be on a break; falling trendline halts
  • Bollinger bands are heading for convergence; the coin is still below the EMA line
  • Amid market volatility, MACD has formed a bearish crossover

Monero price has dropped significantly over a day as part of the market crash that took place yesterday. The coin has declined from $53 to $26, which is a hefty loss of more than 50%. Meanwhile, Bitcoin has managed to extend its rebound above $5500.

Monero Price Analysis

XMR coin opened at $56.93 yesterday, and the coin was already holding a negative bias resonating with the rest of the market. The bearish trendline took place when the coin had a plunge at $37, and here, it has breached major support levels of $50 and $42.

Monero (XMR) Price News
XMR/USD Chart By TradingView

Even after a minimal rebound at $41, XMR coin continued to decline, and today morning, when BTC struggled above $3900, Monero coin price hit bottom at $26.06. However, the rebound journey has started, and the coin saw its first rejection at $40.

Notably, the coin is well below the EMA line with bearish MACD indicator. XMR is trading at $37.87 at UTC 12:27:49.

Monero News

After the price plunged at $26 today, it has rebounded with a hike of 53%. Considering the current scenario, the coin is likely to see major hurdles while recovering as per Monero predictions. Also, Bollinger bands are shrinking, showing no upcoming volatility; however, the market holds uncertainty at the moment. Here, surprisingly, SMA lines have formed a bullish crossover.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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